The blue pulsar effect from the shield will sometimes overlap your characters pictures when checking the inventory or using the character record menu (happens to all your team, not just the one using the shield);

After unequipping the shield from one character, both the blue pulsar effect and the repetetive sound effect from the shield will persist on that character (even if you remove all gear). Destroying or selling the shield, and then saving and immediately reloading the game removes these effects from said character (saving and immediately reloading seems to work well with many gear related bugs).